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Where Taxpayers and Advisers Meet

Joint File (Web portal Beta): 1st year Accounts (leap year)

Coaxial
Posts:1
Joined:Fri Aug 12, 2016 6:19 pm
Joint File (Web portal Beta): 1st year Accounts (leap year)

Postby Coaxial » Sat Aug 13, 2016 5:49 pm

Greetings Helpful people,

Submitted yesterday and had a sleepless night worrying.
Looking for reassurance/advice regarding my first time filing on the web portal.
Filing for my own micro-entity ltd co, small figures, no complex factors.

AP is 11/02/2015 - 29/02/16 these figures submitted to CH
HMRC however separated into;
11/02/2015-11/02/2015
12/02/2015-11/02/2016
12/02/2016-28/02/2016

HMRC only took the TO figure from the CH data and during the first submission quoted the 384 day amount rather than the 383 day. I apportioned the expenses and bank interests for 383 days regardless and on commencing the 3rd submission the final TO figure (populated automatically) reduced to reflect 383 days in all. So totals less one day (0.26%) balance with the CH submission. Well actually Tax owed is down 60p.

Is that normal behaviour and will a later submission of day 384 (29/02/2016) be any smoother?

The other matter causing angst was that I listed my gross expenses (including Director Remuneration) as CP37 Small misc. expenses, to expatiate the triplicate filing process. My thinking was no such detail is requested on the CT600 and what’s the point of joint filing if you have to put all the data in manually every time.

Can I rest easy knowing ‘Care was taken’ and I only swindled Her Majesty of 60p, or do I need to make suitable amendments?

Many Thanks, Mark

Tom7000
Posts:74
Joined:Wed Aug 06, 2008 3:30 pm

Re: Joint File (Web portal Beta): 1st year Accounts (leap year)

Postby Tom7000 » Mon Aug 15, 2016 10:32 am

HMRCs computer automatically messess stuff up so you have to overide what they try to do and do it properly.
You shouldnt have 3 accounting periods...or potentially 4 if you are talking about 29th Feb. You should have 2

a/.first year and
b/.then the balance

and you apportion everything to these 2 periods and the periods by tax years.

Also the start date is the date you started trading not the date of incorporation, it might be the same but usually its not.
It really only matters if the tax rates are different in the 2 accounting periods....

so if you actually started trading 20 Feb you have
first tax return first period 20/02 - 31/03 with tax at 21% split on the return and then second period 01/04 - 19/02 with tax at 20%
second return 20/02 - 29/02

Of course if you actually started trading 1st march then only one return split into month 1 and then following 11 months.
go back in and change it

tom :)
www.ttca.co.uk

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Joint File (Web portal Beta): 1st year Accounts (leap year)

Postby bd6759 » Mon Aug 15, 2016 11:09 am

That is just nonsense Tom.

First return covers 12 months, second return covers the balance.


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